GrafTech Announces Increased Public Float Through Consortium Stock Distribution And Board Resignation; Brookfield Business Partners LP And Its Affiliates, Distributed All 63.8M Of Their Shares Of GrafTech Common Stock To A Consortium Of Investors
Portfolio Pulse from Benzinga Newsdesk
GrafTech International Ltd. (NYSE:EAF) announced that Brookfield Business Partners LP and its affiliates distributed all 63.8 million of their shares of GrafTech common stock to a consortium of investors. This distribution increased GrafTech's public float from approximately 75% to 88% and reduced Brookfield's ownership to about 12%. Consequently, Denis A. Turcotte, a Brookfield designated director, resigned from GrafTech's Board of Directors effective December 14, 2023.
December 14, 2023 | 2:21 pm
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GrafTech's public float increased to 88% after Brookfield distributed 63.8M shares, reducing its stake to 12%. This could enhance stock liquidity and attract more investors.
The increase in public float typically enhances liquidity, which can be positive for the stock price as it may attract a broader investor base. The resignation of a board member is a notable change in corporate governance but is unlikely to have a significant impact on the stock price.
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